The cryptocurrency market has been in a bearish mode since the start of the week but has recovered excellently and will end the week with a positive performance
The cryptocurrency market was in a correction mode since the start of the week, with the prices of most cryptocurrencies dropping by over 5%. However, the market has turned things around in the last 24 hours and looks poised to record further gains.
Bitcoin (BTC) finally climbed back to the $47k mark again after a rally over the past few hours. Ethereum is also looking to surpass the $3,300 mark and could succeed if the current market situation persists.
Analysts are still optimistic about the long-term prediction of the current bull run. The prices of cryptocurrencies are expected to surge even higher as the market continues to progress.
BTC Price Outlook
Bitcoin was trading around the $44k mark yesterday but has since risen by nearly 6% to now trade slightly above $47k at the time of writing. Bitcoin is trading above close to the 100 hourly simple moving average (SMA) and could break the resistance level at $47,500 over the next few hours.
The first major resistance is at $48,000, and Bitcoin needs to move past this level if it intends to make a run for the $50k mark. The bulls will have to extend the rally over the coming days for breaching the next resistance level at $50,000.
However, if BTC fails to climb past the $48k mark, there could be a downside correction, with the initial support lying close to the $46,800 level. Any clear break below $46k could see Bitcoin revisit the $45,000 support zone region.
XRP Price Outlook
Ripple (XRP) has turned things around after rallying by nearly 8% in the past 24 hours. The XRP/USD 4-hour chart is bullish now, and more gains could be recorded in the coming hours. XRP is trading at $1.23 per coin and would need to surpass the first major resistance level at $1.2826 to enjoy further gains.
XRP/USD 4-hour chart. Source: TradingView
In the event of a market breakout, XRP could make a run for the resistance at $1.35, with the second major resistance level sitting at $1.3309.
If bears return and XRP falls to the $1.1867 pivot, the first major support level at $1.1385 could come into play in the coming hours. Unless there is an extended market sell-off, XRP should comfortably stay above the $1 mark in the next few days.
DOGE Price Outlook
Dogecoin’s performance mirrors that of Bitcoin in the past few hours. The DOGE/USD 4-hour chart is bullish, similar to the other two. DOGE is trading at $0.32 per coin, above its 200-day simple moving average ($0.3013).
If the current trend continues, DOGE could break past the $0.35 resistance mark in the next few hours. DOGE hasn’t surpassed that level for more than a month now despite the current rally. An extended rally could take DOGE above the $0.40 region for the first time since May when the prices had fallen sharply.
DOGE/USD 4-hour chart. Source: TradingView
However, failure to surpass the $0.35 resistance in the coming hours could see DOGE struggle to maintain the support level around $0.301. DOGE has comfortably defended its major support level at $0.26 in the past few weeks and should do so if the market turns bearish.